Trump announced Thursday he would impose a 25 percent tariff on steel and a 10 percent tariff on aluminum. He said the tariffs were essential to protecting U.S. jobs and fighting back against foreign rivals flooding the market with cheap metal.

Republicans voiced their displeasure with Trump's announcement, insisting the tariffs would hurt consumers by raising prices and leading trading partners to retaliate against U.S. goods.

"We have concerns, obviously, about actions taken that would create retaliatory action by some of our trading partners and our competitors out there, so I think, you know, we would like to see the White House adopt a, sort of, pro-free-trade position," he said.

Trump, though, is doubling down in support of the tariffs. He said Friday morning that the U.S. economy would be stronger thanks to the new tariff regime, insisting that "trade wars are good and easy to win."

"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win," Trump tweeted.

"Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big. It's easy!"

Canadian Foreign Minister Chrystia Freeland vowed to take "responsive measures" if the Trump administration imposes stiff tariffs on Canadian steel and aluminum products.

"It is entirely inappropriate to view any trade with Canada as a national security threat to the United States," Freeland said in a statement.

"Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers."

The White House hasn't revealed when exactly Trump will sign the tariffs in the week ahead. Expect Republican lawmakers to push for Trump to reconsider the issue as more American manufacturers speak out against the tariffs.

The GOP is far more unified on another front: rolling back banking regulations.

The Senate will vote on the most expansive bipartisan plan to loosen Dodd-Frank Act regulations on banks and financial firms.

The bill raises the threshold at which a bank is deemed big enough to warrant tighter oversight. It spikes the asset level at which a bank becomes "systemically important" from $50 billion to $250 billion, freeing dozens of regional banks from stringent rules.

Banks with less than $250 billion that aren't otherwise targeted by the Fed would no longer be subject to yearly stress tests or higher capital requirements. Those banks will also be freed from the requirement to submit a yearly plan on how they would break apart in the event of a failure without triggering a credit crisis.

The bill is expected to be the focus of contentious debate. Republicans and moderate Democrats backing the bill have sought to dismiss criticism from the left that the measure goes too far to deregulate major banks.

Banking panel Democrats opposed to the bill have cited a slew of scandals involving foreign banks such as Deutsche Bank and Santander.